Emaar Properties made $1.8bln in 2017, worried on 2019

Company is growing about 20 to 25 percent on an annual basis, says Alabbar

Image taken in Dubai downtown, outside an Emaar Development construction site.

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By
Stanley Carvalho,
Reuters News

ABU DHABI- Emaar Properties made $1.8 billion in profit and close to $5 billion in sales in 2017, the chairman of Dubai's largest listed developer said ahead of its full year results.

The developer of the more than 160-storey Burj Khalifa, the world's tallest tower, made $1.43 billion in 2016 and reported $3.92 billion in Dubai property sales.

"We've been growing about 20 to 25 percent on an annual basis," Chairman Mohamed Alabbar said late on Wednesday at a conference in Abu Dhabi.

Emaar, in which the Dubai government owns a minority stake, reported double digit quarterly sales growth in each of the first three quarters of 2017.

Alabbar said that a lot of infrastructure was still required in markets Emaar is operating in, including Saudi Arabia, the United Arab Emirates, Turkey, and Egypt, and that he looking at the market positively.